Thu, 01/26/2023 - 13:50
Loyalty: A Priceless Commodity
Loyalty programs are vital in the trading industry, with so many brokerages competing for the best talent, keeping your traders happy is of the utmost importance.
Loyalty is priceless. Let’s state that from the outset. In the trading industry, happy, loyal traders = happy brokers. It’s that simple.
While loyalty programs offer a range of benefits to any type of business, in today’s truly global market, there are countless forex and trading brokerages working to gather in the best brokers. They do it in a variety of ways, from tempting commission rates to special deals, to offering perks and bonuses of all sorts.
Loyalty programs can help your team create strong connections with your brokers, can increase retention and can minimize the time you spend bringing in new brokers. For more on retention, read our imaginatively titled blog post Retention, Retention, Retention.
That’s why we’ve developed our own loyalty program for our forex and trading CRM, one that all of our clients can leverage to create fantastic relationships with their traders.
A tiered trading loyalty program
Our loyalty program is tiered, and is based on trading volume.
It’s simple to understand. As a trader places trades they climb up through a series of tiers. The rewards they receive increase as they clear each tier.
The higher the tier, the better the rewards.
As a result, the program rewards traders who trade frequently and consistently with a brokerage. The longer they’re in the program, and the more they trade, the better the rewards.
With our system and through our forex CRM, brokerages can create as many tiers as they’d like, and specify the requirements for passing a tier, as well as the rewards within each tier.
The whole system can be customized, allowing brokers to create unique programs that will incentivize traders to firstly trade, and also to stay with the brokerage. Customizable elements include creating unique names for each tier and designing individual badges and icons within the system. All of this is designed to create a subtle bond between the trader and the firm, creating a sense of personal achievement, ownership and connection.
How does it work?
As they complete trades, traders earn points. The more trades, the more points.
Once they earn a certain number of points, the trader moves to the next tier, where their bonuses improve. They’ll also earn a title within the system, add a sense of achievement and ensuring that they’ll want to progress to the next tier. These titles can be customized and named whatever the client desires.
Each tier applies a multiplier to the number of points a trader earns through their trading volume. The higher the level, the higher the multiplier. So an experienced trader will earn more points per trade than a new trader.
Traders can also refer other traders to earn additional points.
A trader can then “cash in” their accumulated points, which are then converted into fiat or crypto.
We’ll be providing further details on how the system works in the near future, but we’ve designed it to be transparent and easy to understand.
The long and short of it is, the more trades a trader makes, the more points they earn. The more points they earn, the larger the financial payout.
Don’t underestimate the importance of a loyalty program, they’re vital when it comes to building strong relationships, incentivizing traders to work with you and for helping your brokerage stand out. They’re a must-have.
To discover how the system can work for you, contact us.